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Okla. Lawmaker Touts Billions in Pension Savings (Nov 10, 2011)

OKLAHOMA CITY (AP) - The House author of a series of changes to the state's pension systems says the modifications already have resulted in a total reduction of nearly $5.5 billion in unfunded liability among the six largest systems.

Oklahoma City Republican Rep. Randy McDaniel released the figures Thursday during a meeting of the House Pension Oversight Committee.

McDaniel says the overall unfunded liability among the pension systems has dropped from $16 billion to $10.6 billion since the changes took effect.

The most significant change was a new requirement that any cost-of-living adjustment granted to retirees be funded by the Legislature. That eliminated a common practice of lawmakers approving a 2 percent COLA, typically during an election year.

Other changes included increasing the retirement age for future employees.


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